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Roberto Luongo Gets 12 Years

The Vancouver Canucks locked up their franchise goalie to a Marian Hossa-esque deal today, signing Roberto Luongo to a whopping 12-year, $64 million deal. The cap hit for Luongo is a measly $5.33 million a season, not too shabby for a top-three goalie in the league. The deal is front loaded, but not as badly as the Hossa deal. Luongo will make $10 million in the 2010-2011 season, the first of the extension, $6.7 million for the next seven years, with the last two years of the deal at $1 million (2020-2021, 2021-2022). (Cap information courtesy of CapGeek.)

The deal makes sense for both parties, as Luongo gets his money, and the Canucks save a bit on cap room. It will be interesting to see how the league reacts to this deal, and how the new CBA will address these types of deals.

As for the Islanders, I wonder how Mark Parrish and Oleg Kvasha are doing.

7 Responses to “Roberto Luongo Gets 12 Years”

  1. NYRjurgenno88 says:

    i genuinely think this type of contract (i.e. Hossa) is a form of cheating the cap and needs to be tackled. Not only that but i think you’ll see a few clubs perhaps struggling to make these payments. Any business that is paying 5.33m (to use luongo) on assets that they potentially arent utilising (assuming he retires before contracts end) cannot sustain a healthy operation. Assume some of these clubs have several of these deals? thats likely to happen if its not tackled in the next cba.

    Philly are lucky they have very deep pockets because they should be able to absorb Richards, Briere (if he stays) and isnt Carter due an extension in less than 2 years? assume a similar deal

    • Dave says:

      It’s not cheating, they just found a gaping hole, and are exploiting it by taking a huge, monumental risk in signing a player for that long.

      Luongo is under 35, so when he retires, the cap hit goes with him.

      As for Philly, Gagne and his $5.25 million comes off the books after 2010-2011, Rathje and his $3.5 million and Jones and his $2.75 million come off after this season. Richards is locked up until he’s 80 at $5.75 million. Carter isn’t up until 2011-2012. They will have the room.

  2. NYRjurgenno88 says:

    thanks Dave, i completely forgot about the cap issue under 35. In that case it makes sense to do it. its definitely taking advantage of a loop hole but i do see that as cheating. even the term tsn use ‘circumventing’ indicates as much… having said that. if we could do the same would we? it makes you wonder why we maybe didnt do it with Gaborik. if he were for example in year 3 of a 7 year 6m deal retire then we’re ok and 6m is much friendlier than 7.5m….

    off topic but i dont see Gagne coming off the books. if he’s healthy i think they keep him. he’s a great player and will be there regardless of Van Riemsdyk and Giroux on the roster. Depressingly Philly look strong long term (accompanied by their usual asterix of goaltending!!!)

    I see them as an opposite to us. They’re stacked long term on forwards who can impact whereas i dont see a team in the league who can boast as many genuine impact propsects on D as us. obviously its about projections but we have to be happy with our pipeline going forward.

    Apologies for deviating from topic! :)

  3. Dave says:

    They have Ryan Parent and Kevin Marshall as #s 3 and 4 in their prospect depth chart, with Parent NHL ready. Combine that with Timmonen, Pronger, Carle, and Coburn, that’s a solid defense.

    As for goalies, well, yea, not so good.

    And Gagne has to come off the books, he will be too old, too slow, and too expensive if they plan on resigning Giroux, Carter and vanRiemsdyk.

  4. NYRjurgenno88 says:

    i’l show my ignorance and admit i know very little of Marshall but Parent does look good. Carle? i dont rate him. A very good friend of mine is a big Sharks fan and he was distraught when they gave him 4m and delighted when they moved him.
    Coburn is a great player, maybe their version of Staal?
    I think Pronger will give them 2 good years but he cant possibly be the same player (and on that money) at 35/36 can he? he’s not the skater Niedermayer is.

    I will say that their forwards will be scary long term though. If i were Holmgren over the next 2,3 years i’d throw every draft resource into finding a very good goalie. Even if it means giving up a great prospect to move up. thats their achilles heal.

    On the flip side i hope Kreider pans out. I think we are hoping for a lot from a small circle of forwards. We have a few really good prospects (Grachev, Anisimov etc) but Kreider and Werek and Bourque could really do with coming through for us. I dont see a ton of impact forwards beyond the obvious 2.

  5. Adam says:

    This issue of teams taking advantage of a loop hole is going to be a huge come time to renegotiate the CBA. The NHL will want to close the loop hole while the NHLPA will fight tooth and nail to keep it…they actually want to repeal the salary cap. Combine this with the firing of Paul Kelly this week and we are looking at the making of another nasty lock out (I’m actually supprised his firing has not received more coverage – it seems to me like a pretty clear message from the NHLPA).

    • jurgenno88 says:

      Adam,

      i completely agree, im surprised how the Kelly firing has gone fairly quietly into the distance… They say he was too close to Bettman/Daly so it does look like the NHLPA are ready to play hardball again.

      I wouldnt be surprised if it came to a hold out but surely both sides realise that a season long one benefits no one.

      I agree that this loop hole will be front and center in the negotiations. I think they’ll also discuss ownership and relocation issues. Off the ice its been a messy few months in the NHL. If any US media actually cared there would have been quite a bit of negative press this summer…